Australian superannuation funds are to be measured on how they deal with climate change.
The Australian Institute of Superannuation Trustees (AIST) and the Climate Institute have launched a survey to determine how funds are managing or plan to manage the risks and opportunities associated with climate change.
Commenting on the move, AIST chief executive Fiona Reynolds said a similar survey conducted last year had generated aggregated results which had given a good indication of how funds were progressing on climate change capability.
She said this year’s survey had been expanded and would give leaders an opportunity to show themselves as a top quartile fund in the critical area of climate change.
Reynolds said that for the first time people would be able to see if their super fund was one of the top performers.
Introducing reforms for strengthening simpler and faster claims handling and better servicing for First Nations members are critical priorities, according to the Super Members Council.
The Commonwealth Bank has warned that uncapped superannuation concessions may be “unsustainable” and has called for the introduction of a superannuation cap.
Superannuation funds have posted another year of strong returns, but this time, the gains weren’t powered solely by Silicon Valley.
Australia’s $4.1 trillion superannuation system is doing more than funding retirements – it’s quietly fuelling the nation’s productivity, lifting GDP, and adding thousands to workers’ pay packets, according to new analysis from the Association of Superannuation Funds of Australia (ASFA).